8-6-3
Section 8-6-3 Registration and bonds of dealers, agents, investment advisers, etc. (a) It is unlawful for any person to transact business in this state as a dealer or agent for securities unless he or she is registered under this article. It is unlawful for any dealer or issuer to employ an agent unless the agent is registered. (b) It is unlawful for any person to transact business in this state as an investment adviser or as an investment adviser representative unless: (1) He or she is so registered under this article; (2) His or her only clients in this state are investment companies as defined in the Investment Company Act of 1940, other investment advisers, broker-dealers, banks, trust companies, savings and loan associations, insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control, or other institutional investors as are designated by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-3.htm - 12K - Match Info - Similar pages
34-35-1
Section 34-35-1 Definitions. As used in this chapter, the following terms shall have the following meanings ascribed to them, unless the context clearly indicates otherwise: (1) TRANSIENT MERCHANT. Any person that transacts transient business in this state either in one locality or by traveling from place to place in this state. The term includes a merchant who for the purpose of carrying on such business, hires, leases, uses, or occupies any building, structure, motor vehicle, railroad car, or real property. (2) TRANSIENT BUSINESS. Any business conducted for the sale of merchandise or services that is carried on in any building, structure, motor vehicle, railroad car, or real property for a period of less than six months in each year. (3) PERSON. An individual, corporation, association, partnership, or other entity. (Acts 1985, No. 85-693, p. 1114, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-35-1.htm - 1K - Match Info - Similar pages
27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions; validity of contracts. (a) No person shall in this state, directly or indirectly, act as agent for, or otherwise represent or aid on behalf of another, any insurer not then authorized to transact such insurance in this state in the solicitation, negotiation, or effectuation of insurance or annuity contracts, forwarding of applications, delivery of policies or contracts, inspection of risks, fixing of rates, investigation or adjustment of losses, collection of premiums, or in any other manner in the transaction of insurance with respect to subjects of insurance resident, located or to be performed in this state. (b) This section shall not apply to: (1) Acceptance of service of process by the commissioner under Section 27-10-52; (2) Surplus lines insurance or coverage specified in Section 27-10-34 and other transactions as to which a certificate of authority is not required of an insurer; (3) Adjustment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-1.htm - 2K - Match Info - Similar pages
27-6A-2
Section 27-6A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person who is a member in good standing of the American Academy of Actuaries. (2) INSURER. A person defined in subdivisions (2) and (3) of Section 27-1-2. (3) MANAGING GENERAL AGENT. Any person, firm, or association who does both of the following: a. Manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office. b. Acts as a producer for an insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-2.htm - 2K - Match Info - Similar pages
27-7-4.1
Section 27-7-4.1 Licenses - Required to receive payment, etc. (a) No insurer or producer shall pay, directly or indirectly, any commission or other valuable consideration to any person for services as a producer or service representative within this state unless the person holds a currently valid license as a producer or service representative as to the kind or class of business involved as required by this chapter. (b) Any insurer or producer violating this section shall be liable for a fine in an amount of up to three times the amount of the commission paid. The fine shall be levied and collected by the commissioner. Upon failure to pay the fine the commissioner may, in the commissioner's discretion, revoke the license of the producer or the insurer's certificate of authority. (c) The provisions of this section shall not prevent any of the following: (1) Payment of renewal or other deferred commissions to any person solely because the person has ceased to hold a license to act as a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-4.1.htm - 1K - Match Info - Similar pages
27-11-2
Section 27-11-2 Prohibition against transaction of insurance business, etc., in state without license; exceptions. It shall be unlawful for any insurer to transact the business of insurance in this state or to enter into a contract for insurance in this state without first obtaining a license or certificate of authority from the commissioner. This unauthorized insurers law shall not apply to: (1) Contracts of insurance procured pursuant to the surplus line insurance law; (2) Transactions in this state involving contracts of insurance lawfully entered into, written and the policy delivered outside of this state covering subjects of insurance not resident, located or expressly to be performed in this state at the time of issuance and transactions subsequent to the making of such contract and the issuance of such policy; (3) Reinsurance contracts; (4) Transactions in this state involving group or blanket insurance and group annuities where the master policy or contract was lawfully issued...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-11-2.htm - 2K - Match Info - Similar pages
27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market any voting security of a domestic insurer if, after the consummation thereof, such person would, directly or indirectly, or by conversion or by exercise of any right to acquire, be in control of such insurer, and no person shall enter into an agreement to merge with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic insurer unless, at the time any such offer, request, or invitation is made or any such agreement is entered into, or prior to the acquisition of such securities if no offer or agreement is involved such person has filed with the commissioner and has sent to such insurer a statement containing the information required by this section and such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.htm - 17K - Match Info - Similar pages
25-4-10
Section 25-4-10 Employment. (a) Subject to other provisions of this chapter, "employment" means: (1) Any service performed prior to January 1, 1978, which was employment as defined in this section prior to such date and, subject to the other provisions of this section, services performed for remuneration after December 31, 1977, including service in interstate commerce, by: a. Any officer of a corporation; or b. Any individual who, under the usual common law rules applicable in determining the employer-employee relationship, has the status of an employee; or c. Any individual other than an individual who is an employee under paragraphs a. or b. of this subdivision (1) who performs services for remuneration for any person: 1. As an agent-driver or commission-driver engaged in distributing meat products, bakery products, beverages (other than milk) or laundry or dry cleaning services for a principal; 2. As a traveling or city salesman engaged upon a full-time basis in the solicitation on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-4-10.htm - 38K - Match Info - Similar pages
27-9A-3
Section 27-9A-3 Independent adjuster defined; exclusions. (a) For purposes of this chapter, an "independent adjuster" is a person who, for compensation as an independent contractor or as an employee of an independent contractor, undertakes on behalf of an insurer to ascertain and determine the amount of any claim, loss, or damage payable under a contract of property, casualty, or workers' compensation insurance or to effect settlement of such claim, loss, or damage. This chapter shall not be construed to permit persons not licensed as attorneys to engage in activities constituting the practice of law. (b) An independent adjuster does not include any of the following: (1) Attorneys-at-law admitted to practice in this state when acting in their professional capacity as an attorney. (2) A salaried employee of an insurer. (3) A person employed solely to obtain facts surrounding a claim or to furnish technical assistance to a licensed independent adjuster. (4) An individual who is employed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-9A-3.htm - 4K - Match Info - Similar pages
27-10-35
Section 27-10-35 Report of, and tax on, independently procured coverages; exceptions. (a) Anyone who may desire to place his insurance in a foreign insurer not authorized to do business in this state may place such insurance, and any insured who in this state procures, or causes to be procured, or continues or renews insurance in an unauthorized foreign insurer or any self-insurer who in this state so procures or continues excess loss, catastrophe, or other insurance, upon a subject of insurance resident, located or to be performed within this state, other than insurance procured through a surplus line broker pursuant to the surplus lines law of this state or exempted from such law under Section 27-10-34 shall, within 90 days after the date such insurance was so procured, continued, or renewed, file a written report of the same with the commissioner on forms designated by the commissioner and furnished to such an insured upon request. The report shall show the name and address of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-35.htm - 3K - Match Info - Similar pages
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